DEARBORN, MI (WKZO AM/FM) — Drivers in Michigan are seeing a slight drop in gas prices but they remain above $3.00 per gallon on average.
AAA reports average prices around the state fell four cents during the past week to $3.13 for regular unleaded. This price remains over $1.00 higher than this time last year.
“Michigan motorists were finally able to see some stability at the pump after double-digit increases,” said Adrienne Woodland, spokesperson, AAA-The Auto Club Group. “Despite the slight decrease, if crude oil prices continue to rise, drivers could see higher gas prices heading into Independence Day.”
The U.S. Federal Reserve indicated last week that interest rates are expected to increase earlier than forecasted due to rising inflationary pressure, which has put downward pressure on crude prices and limited price increases. However, earlier in the week, crude prices ascended due to optimism that vaccine rollout will continue to help crude demand recover.
